43869752 2023-12-31 cmn:ConsolidatedMember 43869752 2023-12-31 43869752 2023-02-21 cmn:ConsolidatedMember fsa:ContributedCapitalMember 43869752 2023-02-21 cmn:ConsolidatedMember fsa:SharePremiumMember 43869752 2023-02-21 cmn:ConsolidatedMember fsa:RetainedEarningsMember 43869752 2023-12-31 cmn:ConsolidatedMember fsa:ContributedCapitalMember 43869752 2023-12-31 cmn:ConsolidatedMember fsa:SharePremiumMember 43869752 2023-12-31 cmn:ConsolidatedMember fsa:RetainedEarningsMember 43869752 2023-12-31 fsa:ContributedCapitalMember 43869752 2023-12-31 fsa:SharePremiumMember 43869752 2023-12-31 fsa:RetainedEarningsMember 43869752 2023-02-21 cmn:ConsolidatedMember 43869752 2023-02-21 cmn:ConsolidatedMember fsa:CompletedDevelopmentProjectsMember 43869752 2023-02-21 cmn:ConsolidatedMember fsa:AcquiredPatentsMember 43869752 2023-02-21 cmn:ConsolidatedMember fsa:AcquiredOtherSimilarRightsMember 43869752 2023-02-21 cmn:ConsolidatedMember fsa:GoodwillMember 43869752 2023-02-21 cmn:ConsolidatedMember fsa:DevelopmentProjectsInProgressMember 43869752 2023-12-31 cmn:ConsolidatedMember fsa:CompletedDevelopmentProjectsMember 43869752 2023-12-31 cmn:ConsolidatedMember fsa:AcquiredPatentsMember 43869752 2023-12-31 cmn:ConsolidatedMember fsa:AcquiredOtherSimilarRightsMember 43869752 2023-12-31 cmn:ConsolidatedMember fsa:GoodwillMember 43869752 2023-12-31 cmn:ConsolidatedMember fsa:DevelopmentProjectsInProgressMember 43869752 2023-02-21 fsa:FixturesFittingsToolsAndEquipmentMember cmn:ConsolidatedMember 43869752 2023-12-31 fsa:FixturesFittingsToolsAndEquipmentMember cmn:ConsolidatedMember 43869752 2023-02-21 fsa:InvestmentsInGroupEnterprisesMember 43869752 2023-12-31 fsa:InvestmentsInGroupEnterprisesMember 43869752 2023-02-21 cmn:ConsolidatedMember fsa:OtherReceivablesMember 43869752 2023-12-31 cmn:ConsolidatedMember fsa:OtherReceivablesMember 43869752 2023-02-21 2023-12-31 cmn:ConsolidatedMember 43869752 2023-02-21 2023-12-31 1 cmn:ConsolidatedMember 43869752 2023-02-21 2023-12-31 cmn:ConsolidatedMember memberOfBoardIdentifier_executive_board_1 43869752 2023-02-21 2023-12-31 cmn:ConsolidatedMember memberOfBoardIdentifier_board_of_director_1 43869752 2023-02-21 2023-12-31 cmn:ConsolidatedMember memberOfBoardIdentifier_board_of_director_2 43869752 2023-02-21 2023-12-31 cmn:ConsolidatedMember memberOfBoardIdentifier_board_of_director_3 43869752 2023-02-21 2023-12-31 cmn:ConsolidatedMember memberOfBoardIdentifier_board_of_director_4 43869752 2023-02-21 2023-12-31 cmn:ConsolidatedMember memberOfBoardIdentifier_board_of_director_5 43869752 2023-02-21 2023-12-31 2 cmn:ConsolidatedMember 43869752 2023-02-21 2023-12-31 43869752 2023-02-21 2023-12-31 fsa:ContributedCapitalMember cmn:ConsolidatedMember 43869752 2023-02-21 2023-12-31 fsa:SharePremiumMember cmn:ConsolidatedMember 43869752 2023-02-21 2023-12-31 fsa:RetainedEarningsMember cmn:ConsolidatedMember 43869752 2023-02-21 2023-12-31 fsa:ContributedCapitalMember 43869752 2023-02-21 2023-12-31 fsa:SharePremiumMember 43869752 2023-02-21 2023-12-31 fsa:RetainedEarningsMember 43869752 2023-02-21 2023-12-31 cmn:ConsolidatedMember fsa:CompletedDevelopmentProjectsMember 43869752 2023-02-21 2023-12-31 cmn:ConsolidatedMember fsa:AcquiredPatentsMember 43869752 2023-02-21 2023-12-31 cmn:ConsolidatedMember fsa:AcquiredOtherSimilarRightsMember 43869752 2023-02-21 2023-12-31 cmn:ConsolidatedMember fsa:GoodwillMember 43869752 2023-02-21 2023-12-31 cmn:ConsolidatedMember fsa:DevelopmentProjectsInProgressMember 43869752 2023-02-21 2023-12-31 fsa:FixturesFittingsToolsAndEquipmentMember cmn:ConsolidatedMember 43869752 2023-02-21 2023-12-31 fsa:InvestmentsInGroupEnterprisesMember 43869752 2023-02-21 2023-12-31 cmn:ConsolidatedMember fsa:OtherReceivablesMember 43869752 2023-02-21 2023-12-31 PricewaterhouseCoopers cmn:ConsolidatedMember iso4217:DKK pure Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 2023-02-21 2023-12-31 43869752 CyberPeak MidCo ApS Valkendorfsgade 13A 1151 Copenhagen K København 2024-02-21 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Strandvejen 44 2900 Hellerup Denmark 39 45 39 45 koebenhavn@pwc.dk 2024-06-28 Peter Helbo Langsted Regnskabsklasse C, stor virksomhed Revisionspåtegning The Executive Board and Board of Directors have today considered and adopted the Annual Report of CyberPeak MidCo ApS for the financial year 21 February - 31 December 2023. The Annual Report is prepared in accordance with the Danish Financial Statements Act. In our opinion the Financial Statements and the Consolidated Financial Statements give a true and fair view of the financial position at 31 December 2023 of the Company and the Group and of the results of the Company and Group operations and of consolidated cash flows for 2023. In our opinion, Management's Review includes a true and fair account of the matters addressed in the Review. We recommend that the Annual Report be adopted at the Annual General Meeting. 2024-06-17 Copenhagen Jacob Sjørslev Frandsen Manager James Michael Pflaging Chairman Jacob Sjørslev Frandsen Christian Melby Frank Brandenburg Dominik Bastian Hertzler To the shareholder of CyberPeak MidCo ApS Opinion In our opinion, the Consolidated Financial Statements and the Parent Company Financial Statements give a true and fair view of the financial position of the Group and the Parent Company at 31 December 2023 and of the results of the Group’s and the Parent Company’s operations and of consolidated cash flows for the financial year 21 February - 31 December 2023 in accordance with the Danish Financial Statements Act. We have audited the Consolidated Financial Statements and the Parent Company Financial Statements of CyberPeak MidCo ApS for the financial year 21 February - 31 December 2023, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies, for both the Group and the Parent Company, as well as consolidated statement of cash flows (”the Financial Statements”). Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the ”Auditor’s responsibilities for the audit of the Financial Statements” section of our report. We are independent of the Group in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management is responsible for the preparation of consolidated financial statements and parent company financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the Financial Statements, Management is responsible for assessing the Group´s and the Parent Company´s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the Financial Statements unless Management either intends to liquidate the Group or the Parent Company or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group´s and the Parent Company´s internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the Financial Statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group´s and the Parent Company´s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group and the Parent Company to cease to continue as a going concern. Evaluate the overall presentation, structure and contents of the Financial Statements, including the disclosures, and whether the Financial Statements represent the underlying transactions and events in a manner that gives a true and fair view. Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the Consolidated Financial Statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Management is responsible for Management’s Review. Our opinion on the Financial Statements does not cover Management’s Review, and we do not express any form of assurance conclusion thereon. In connection with our audit of the Financial Statements, our responsibility is to read Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the Financial Statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, in our view, Management’s Review is in accordance with the Consolidated Financial Statements and the Parent Company Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in Management’s Review. Hellerup 2024-06-17 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Søren Alexander State Authorised Public Accountant mne42824 André Christensen State Authorised Public Accountant mne50615 132000 0.891 -1.132 -0.099 0.785 -0.299 In compliance with section 99a and b of the Danish Financial Statements Act on social responsibility and gender distribution in management, please find below a summary on how the Group satisfies the requirements of the legislation: For details on Logpoint's business model, please refer to the section on Business/Primary Activities. **Environment and climate***Policy*The Company pays particular adherence to environmental regulations to minimise impacts on the environment from its activities, whilst continuing to address health, safety and economic issues. *Risks*The Company’s primary environmental impacts relate to:- the company’s own energy consumption as well as the energy consumption of its hardware products;- the disposition of its hardware products at the end of their useful life; vendor and supply chain management;- business travel;- and the consumption of natural resources through its own activities and its procurement processes.*Result*To our knowledge, there has been no incidents in 2023 related to Cyberpeak Group 's primary environmental impacts, including energy consumption, hardware disposal, vendor and supply chain management, business travel, and the consumption of natural resources.*Activities*Cyberpeak Group, with the cooperation of its investors, employees, customers, contractors, and suppliers, manages energy, water, paper, and other resources used in its operations and seeks opportunities to minimize, reuse, and recycle waste. Moving forward, Cyberpeak Group will further harness the collaborative efforts of its investors, employees, customers, contractors, and suppliers to refine its sustainable practices. **99A Human rights***Policy*Cyberpeak Group upholds human rights, as outlined in its Code of Ethics and Business Conduct, policies, practices, and core values. The company promotes equality and works to eliminate discrimination in employment, training, and working conditions based on race, age, religion, color, sex, political opinion, ethnicity, sexual orientation, disability, country of origin, or social origin. Cyberpeak Group ensures equal opportunities for men and women and strives to reflect this at all managerial levels.*Risk*There is a risk of “biased” recruitment, thus creating a corporate culture that does not reflect the surrounding world. Cyberpeak Group considers it a strength to have both genders represented in management, finding that this adds value to and contributes to the development of the business. *Activities*We strive to create an inclusive environment where individual differences are valued. Our commitment includes promoting dignity and respect for all employees, attracting a diverse workforce, and using fair selection criteria for hiring. We provide universal access to inclusive premises and comply with equal opportunity laws. Any form of harassment is not tolerated, and we offer training and advancement opportunities based on merit. We encourage open communication and regularly review our practices to ensure fairness and gender diversity.*KPI*The Company has drawn up a policy for the underrepresented sex with a view to ensuring a balanced representation of men and women at all managerial levels. Our goal is to align with industry standards, ensuring that our gender diversity metrics reflect the best practices and benchmarks of our sector.*Performance*In 2023, there has been no incidents of biased recruitment at Cyberpeak Group, ensuring a diverse and inclusive corporate culture that reflects the surrounding world.At Cyberpeak Group in 2023, we had one female in top management. While relevant professional qualifications remain key selection criteria for all positions within Cyberpeak Group, Cyberpeak Group’s management will continue to focus on diversity and will continue to evaluate programs to enhance attracting and developing diversity in its employee base. Top management Other management levels *KPI*The (KPI) for Cyberpeak Group's diversity and inclusion goals is to achieve that 25% of both senior leadership and other management positions are held by individuals from underrepresented genders. *Activities*The Company has drawn up a policy for the underrepresented sex with a view to ensuring a balanced representation of men and women at all managerial levels. Our goal is to align with industry standards, ensuring that our gender diversity metrics reflect the best practices and benchmarks of our sector.In 2023, the board's key actions for top management prominently include unbiased recruitment practices. Building upon the company's commitment to promoting equality and eradicating discrimination in employment, training, and working conditions, regardless of race, age, religion, color, sex, political opinion, ethnicity, sexual orientation, disability, country of origin, or social origin, our efforts at Cyberpeak Group have focused on ensuring equal opportunities for both men and women.In 2023, Cyberpeak Group's key actions for other management prominently include unbiased recruitment practices. Building upon the company's commitment to promoting equality and eradicating discrimination in employment, training, and working conditions, regardless of race, age, religion, color, sex, political opinion, ethnicity, sexual orientation, disability, country of origin, or social origin, our efforts at Cyberpeak Group have focused on ensuring equal opportunities for both men and women.**Social and employee conditions***Policy*Cyberpeak Group is committed to protecting the health and safety of our employees, visitors, contractors, and other stakeholders and to minimizing pollution and other adverse impacts on the environment. *Risks*The key risks relate to workplace accidents. *Activities*The Group has in 2023 continued to conduct audits to identify and correct workplace hazards. Cyberpeak Group continues to encourage our employees to report any injuries, accidents, near-misses, and hazards promptly so that we can investigate and take corrective action. Going forward, Cyberpeak Group will continue conducting comprehensive audits to identify and rectify workplace hazards. Additionally, we will actively encourage employees to report any injuries, accidents, near-misses, and hazards promptly. This proactive approach will allow us to thoroughly investigate incidents and implement necessary corrective actions, ensuring a safer work environment for all.*KPI*The recording of significant incidents is actively monitored.*Performance*There have been no reports in 2023 of accidents during the year that resulted in significant material damage or personal injury. **Anti-corruption and bribery***Policy*Cyberpeak Group believes in conducting business with integrity and is dedicated to transparency in our business practices. In accordance with our Business Ethics and Conduct, we have zero tolerance for corruption and bribery in any aspect of our business.*Risk*Cyberpeak Group is exposed to non-compliance with anti-corruption legislation through employees’, suppliers’ and partners’ violations, and is also exposed to potential legal and financial implications of such non-compliance. *Activities*All employees are required to complete and return a certificate annually acknowledging that they have read, understood and complied with this Policy. Going forward, Cyberpeak Group will continue to prioritize integrity and transparency in our business operations. Aligned with our Business Ethics and Conduct, we strictly prohibit corruption and bribery in any aspect of our activities. To ensure compliance, all employees must annually complete and return a certificate confirming their understanding and adherence to this policy.*KPI*It is the Company’s objective to ensure adherence to Business Ethics and Conduct and avoid any violation of the anti-corruption rules internally as well as with its external partners. *Performance*In 2023, there has been no incidents related to non-compliance with anti-corruption legislation involving employees, suppliers, or partners at Cyberpeak Group. Cyberpeak Group upholds high standards of data ethics, ensuring transparency and accountability in all data processes. We adhere to GDPR and other relevant regulations, implementing robust security measures to protect personal data and prevent harm and bias. Continuous employee training helps us maintain these standards. Our goal is to foster trust through responsible data practices. Key activities Cyberpeak Group (Logpoint is part of the Cyberpeak Group) selling cloud-based and on-premise Cybersecurity solutions worldwide. The solutions include Security Information Event Management (SIEM) and Security Orchestration, Automation & Response (SOAR), in addition to advanced threat detection and response capabilit)ies that protect against Cyberattacks, internal fraud and industrial espionage. Furthermore, the solutions provided by Cyberpeak Group enable organizations to become industry compliant (GDPR, NIS2, PCI, SOX, ISO27001 and more) *Customers* The company has a strong focus on the European market whereas the global market is served via a partner network. Cyberpeak Group is selling solutions directly to end-customers, and through partners including MDR-vendors (Managed Detection and Response) and MSSPs (Managed Security Service Providers). Development in the year The result for the Group for the year reflects a loss of DKK 148,972k.The balance sheet total amounted to DKK 1,270,838k at the end of. The Equity at the end of 2023 amounted to DKK 997,282k.The above is in line with the growth strategy of the Group and is a result from increased investments in product development, sales, marketing and people overall. Capital resources CyberPeak Group has reported a negative financial result but has addressed its capital ressources in Note 1 Special risks - operating risks and financial risks Cyberpeak Group is exposed to volatility in terms of primarily exchange rates and the level of interest. The fiscal policy pursued by Cyberpeak Group involves operating with a low risk profile, so that risks concerning exchange rates, interest rates and credit only arise, should commercial conditions occur. The company identifies principal risk factors that could materially and adversely affect its future financial results or position. These include the failure to develop and release new or enhanced products and services on time, delays in market acceptance and transitioning customers to these products or services, and inadequate anticipation or addressing of IT trend changes. Additionally, failure to optimize and integrate product lines and services, as well as the adverse impact of the current economic climate on served markets, pose significant risks. To mitigate these risks, the company has controls in place, and management and directors regularly review and limit these risks through insurances, business policies, and organizational structures. Targets and expectations for the year ahead In early 2023 Summa Equity came in as majority investor. The Cyberpeak Group growth is expected to continue in 2024, as the demand for Cybersecurity Solutions continues to grow.The market itself is growing organically at a rate of 10%, and we expect to surpass this organic growth and achieve approximately 15-25% growth in 2024, which corresponds to a revenue range of 22.6 to 24.6 million EUR. A new EU Directive (NIS2) is coming into effect and is expected to further stimulate market demand.The Group is expected to generate a loss in 2024, but with significantly improved operating margins and the expectation of generating positive operating results in 2025. Expectations for the annual result in 2024 are between -10 and -7 million EUR. Research and development The Group’s ambition is a segmented market leadership by developing the best applicable solutions within the Cyber market space. The Group has considerable intellectual capital resources within its field, particular in relation to our customers, technology, and employees.*Technology*Development of technology is key for the Cyberpeak Group. The Group leverages sophisticated big date architectures with advanced analytics and Machine Learning to provide unique functionality that separates Cyberpeak Group from its competitors.*Research and development activities*Research and development are key differentiators to the continued positive development of Cyberpeak Group. It is expected that Cyberpeak Group will continue to invest in R&D capabilities to cater for future customer and market demands. Most of the development in 2023 has been focused on strengthening Cyberpeak Group in the Cloud. The research and development are focused on Machine Learning capabilities and Enterprise architectures, the user experience as well as providing more solutions that will be implemented natively in the Cloud. Branches abroad CybCyberpeak Group has a foreign branch located in Sweden.Name: Immune SverigeRegistered office: Vasagatan 28, 111 20 Stockholm Uncertainty relating to recognition and measurement Cyberpeak Group faces measurement uncertainty regarding development costs. There is significant accounting estimation and uncertainty related to measurement, which is detailed in Note 9. For further details, please see the note 9. Unusual events The financial position of the Group at 31 December 2023 and the results of its activities for the financial year 2023 have not been affected by any unusual events. Subsequent events There were no significant subsequent events affecting the Group, which require adjustment to or disclosure in the financial statements. 5 0.0 0.25 2027 7 0.16 0.25 2027 110867000 0 55167000 0 23259000 0 4995000 0 85487000 406000 98811000 -406000 129109000 0 95074000 0 123000 0 -125495000 -406000 7002000 5000 19094000 0 -137587000 -401000 11385000 0 -148972000 -401000 -401000 49384000 0 433357000 0 59538000 0 619293000 0 2269000 0 1163841000 0 2376000 0 2376000 0 0 1125580000 3856000 0 3856000 1125580000 1170073000 1125580000 39396000 0 0 21000 31191000 21140000 135000 0 4135000 0 74857000 21161000 25908000 1005000 100765000 22166000 1270838000 1147746000 102000 102000 0 0 997180000 1145751000 997282000 1145853000 83801000 0 83801000 0 114244000 0 34056000 0 0 1000000 435000 0 41020000 893000 189755000 1893000 189755000 1893000 1270838000 1147746000 The share capital consists of 101.836 shares of DKK 1. The shares have been divided into A- B- C and D shares. They are distributed as A-shares nom. DKK 11.792, B-shares nom. DKK 14.599, C-shares nom. DKK 27.160 and D-shares nom. DKK 48.285. 40000 0 0 62000 1146152000 0 0 0 -148972000 0 -1146152000 1146152000 102000 0 997180000 40000 0 0 62000 1146152000 0 0 0 -401000 0 -1146152000 1146152000 102000 0 1145751000 -148972000 94030000 -38110000 -93052000 7002000 -19094000 -105144000 -2668000 -107812000 -55167000 -132000 -2521000 -982093000 -1039913000 0 1146152000 1146152000 -1573000 27481000 25908000 25908000 0 25908000 The Board of Directors and Executive Board of the Company has approved the budget for 2024 at the board meeting on December 2023, including the associated capital requirements. As of the financial statement date, a shareholder loan of 5 million EUR has been issued, and a capital increase will be executed for the third quarter in 2024 pending legal formalities.Based hereon, it is the assessment of the Board of Directors and Executive Board that the Company has sufficient capital resources to continue its operations. Management therefore submits the Annual Report on the assumption of going concern. No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. Geographical segments Southern Europe (SMEA) 21671000 0 Central Europe (CMEA) 27973000 0 Northern Europe (Nordics) 39193000 0 Rest of World 22030000 0 Total 110867000 0 115537000 0 8159000 0 5225000 0 188000 0 129109000 0 5839000 0 289 0 93692000 0 1382000 0 95074000 0 973000 5000 6029000 0 7002000 5000 12736000 0 6358000 0 OtherFinanceExpenses 19094000 0 2668000 0 8717000 0 11385000 0 0 0 0 0 0 0 468494000 64365000 669506000 0 52898000 0 0 0 2269000 52898000 468494000 64365000 669506000 2269000 0 0 0 0 0 3514000 35137000 4827000 50213000 0 3514000 35137000 4827000 50213000 0 49384000 433357000 59538000 619293000 2269000 All projects are enabled from an agile perspective and the Company has detailed time and material monitoring which enables a tight management of project costs. The costs of the development projects are primarily salaries and other costs, which are directly traceable to the actual projects which are organized by development product. The intangible assets are recognized based on the management assessments with the following overall criteria:The development projects are based on clear functional specifications and corresponding tickets that are monitored in a timeline and are technically possible to complete with full transparency.• Intention to market the products as soon as they are completed and released.• Ability of applying the products to the partners and customers of LogPoint mostly in Europe and the US.• Based on a plan of how the future economic benefits will be exploited.• LogPoint has sufficient resources to complete the projects.• The value is calculated reliably based on future projected cash flows and the capitalized costs related to the individual projects.We release new features to existing products continuously. All projects proceed as planned using the resources allocated by management for development. As development projects focus on new features for existing products, they are expected to be marketable to the current market and existing customers. 0 -173000 3080000 132000 25000 3014000 0 -102000 764000 24000 638000 2376000 0 1125580000 1125580000 1125580000 0 3856000 3856000 3856000 Prepayments consist of prepaid expenses concerning rent, insurance premiums and subscriptions. Deferred tax liabilities from acquisition 75084000 0 Amounts recognised in the income statement for the year 8717000 0 Deferred tax liabilities at 31 December 83801000 0 -7002000 19094000 95074000 11385000 94030000 -24521000 -46216000 8106000 -38110000 Charges and security The Group has a company pledge, nom. DKK 2.000.000 , in the Companies operating equipment, inventory, debtors, goodwill etc. has been deposited as security for the Groups' engagement with Danske Bank A/S.The book value of the assets amounts to DKK 18.382.000. Rental and lease obligations The Group has entered into irrevocable leases concerning office rent. The remaining obligation amounts to: 410000000 2465000000 Other contingent liabilities The group companies are jointly and severally liable for tax on the jointly taxed incomes etc of the Group. The group companies are jointly and severally liable for Danish withholding taxes by way of dividend tax, tax on royalty payments and tax on unearned income. Any subsequent adjustments of corporation taxes and withholding taxes may increase the Group’s liability. Basis Controlling interest Other related parties Transactions The Company has chosen only to disclose transactions which have not been made on an arm's length basis in accordance with section 98(c)(7) of the Danish Financial Statements Act. Consolidated Financial Statements The Company is included in the Group Annual Report of the Parent Company of the largest and smallest group: Name Place of registered office Summa Cyber TopCo AB Stockholm The Group Annual Report of Summa Cyber TopCo AB may be obtained at the following address: Box 27085104 SundsvallStockholmSverige 1000000 3293000 100000 PricewaterhouseCoopers The Annual Report of CyberPeak MidCo ApS for 2023 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to large enterprises of reporting class C. The Consolidated Financial Statements and the Parent Company Financial Statements for 2023 are presented in TDKK. true Revenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement. Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the Company, and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably. Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below. Basis of consolidation The Consolidated Financial Statements comprise the Parent Company, CyberPeak MidCo ApS, and subsidiaries in which the Parent Company directly or indirectly holds more than 50% of the votes or in which the Parent Company, through share ownership or otherwise, exercises control. Enterprises in which the Group holds between 20% and 50% of the votes and exercises significant influence but not control are classified as associates. On consolidation, items of a uniform nature are combined. Elimination is made of intercompany income and expenses, shareholdings, dividends and accounts as well as of realised and unrealised profits and losses on transactions between the consolidated enterprises. The Parent Company's investments in the consolidated subsidiaries are set off against the Parent Company's share of the net asset value of subsidiaries stated at the time of consolidation. Business combinations Business acquisitions carried through on or after 1 July 2018 Acquisitions of subsidiaries are accounted for using the purchase method under which the identifiable assets and liabilities of the entity acquired are measured at fair value at the time of acquisition. Acquired contingent liabilities are recognised at fair value in the Consolidated Financial Statements to the extent that the value can be measured reliably. The time of acquisition is the time when the Group obtains control of the entity acquired. The cost of the entity acquired is the fair value of the consideration agreed, including consideration contingent on future events. Transaction costs directly attributable to the acquisition of subsidiaries are recognised in the income statement as incurred. Positive differences between the cost of the entity acquired and identifiable assets and liabilities are recognised as goodwill in intangible assets in the balance sheet and are amortised in the income statement on a straight-line basis over their estimated useful lives. Where the differences are negative, they are recognised immediately in the income statement. Where the purchase price allocation is not final, positive and negative differences from acquired subsidiaries due to changes to the recognition and measurement of identifiable net assets may be adjusted for up to 12 months after the time of acquisition. These adjustments are also reflected in the value of goodwill or negative goodwill, including in amortisation already made. Where cost includes contingent consideration, this is measured at fair value at the time of acquisition. Contingent consideration is subsequently measured at fair value. Any value adjustments are recognised in the income statement. In respect of step acquisitions, any previously held investments in the entity acquired are remeasured at fair value at the time of acquisition. The difference between the carrying amount of the investment previously held and the fair value is recognised in the income statement. Danish kroner is used as the presentation currency. All other currencies are regarded as foreign currencies. Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Exchange differences arising due to differences between the transaction date rates and the rates at the dates of payment are recognised in financial income and expenses in the income statement. Where foreign exchange transactions are considered hedging of future cash flows, the value adjustments are recognised directly in equity. Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the transaction date rates are recognised in financial income and expenses in the income statement; however, see the section on hedge accounting. Income statements of foreign subsidiaries and associates that are separate legal entities are translated at transaction date rates or approximated average exchange rates. Balance sheet items are translated at the exchange rates at the balance sheet date. Exchange adjustments arising on the translation of the opening equity and exchange adjustments arising from the translation of the income statements at the exchange rates at the balance sheet date are recognised directly in equity. Income statements of enterprises that are integrated entities are translated at transaction date rates or approximated average exchange rates; however, items derived from non-monetary balance sheet items are translated at the transaction date rates of the underlying assets or liabilities. Monetary balance sheet items are translated at the exchange rates at the balance sheet date, whereas non-monetary items are translated at transaction date rates. Exchange adjustments arising on the translation are recognised in financial income and expenses in the income statement. Information on geographical segments is based on the Group´s risks and returns and its internal financial reporting system. Revenue from sale of licenses on a subscription model which provides the customer with a right to access the software as it exist at anytime in the subscription period is recognized in the income statement on a straight line during the subscription period. As income recognition criteria for sale of perpetual licenses and hardware, the completed contract method is applied so that revenue comprises invoiced revenue for the year. Revenue from the sale is recognised in the income statement when delivery is made and risk has passed to the buyer before the end of the financial year. As income recognition criteria for sale of consulting services, the production criterion is applied so that revenue comprises invoiced revenue for the year reduced by prepayments and with addition for work in progress measured at market value. Revenue is measured at the consideration received and is recognised exclusive of VAT and net of discounts relating to sales. Direct expenses primarily include operating expenses for the year. Other external expenses comprise indirect production costs and expenses for premises, sales as well as office expenses, etc. Staff costs include wages and salaries including compensated absence and pensions as well as other social security contributions etc. made to the entity's employees. Amortisation, depreciation and impairment losses comprise amortisation, depreciation and impairment of intangible assets and property, plant and equipment. Other operating income and other operating expenses comprise items of a secondary nature to the main activities of the Group, including gains and losses on the sale of intangible assets and property, plant and equipment. Dividends from subsidiaries are recognised as income in the income statement when adopted at the General Meeting of the subsidiary. However, dividends relating to earnings in the subsidiary before it was acquired by the Parent Company are set off against the cost of the subsidiary. Financial income and expenses comprise interest, financial expenses in respect of finance leases, realised and unrealised exchange adjustments, price adjustment of securities, amortisation of mortgage loans as well as extra payments and repayment under the on-account taxation scheme. Tax for the year consists of current tax for the year and deferred tax for the year. The tax attributable to the profit for year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity. Any changes in deferred tax due to changes to tax rates are recognised in the income statement. The tax effect of the joint taxation with the subsidiaries is allocated to Danish enterprises showing profits or losses in proportion to their taxable incomes. Goodwill is amortised on a straight-line basis over the estimated useful life of years, determined on the basis of Management’s experience with the individual business areas. Costs of development projects comprise salaries, amortisation and other expenses directly or indirectly attributable to the Company’s development activities. Development projects that are clearly defined and identifiable and in respect of which technical feasibility, sufficient resources and a potential future market or development opportunity in the enterprise can be demonstrated, and where it is the intention to manufacture, market or use the project, are recognised as intangible assets. This applies if sufficient certainty exists that the value in use of future earnings can cover cost of sales, distribution and administrative expenses involved as well as the development costs. Development projects that do not meet the criteria for recognition in the balance sheet are recognised as expenses in the income statement as incurred. Capitalised development costs are measured at cost less accumulated amortisation and impairment losses or at a lower recoverable amount. An amount corresponding to the recognised development costs is allocated to the equity item 'Reserve for development costs'. The reserve comprises only development costs recognised in financial years beginning on or after 1 January 2016. The reserve is reduced by amortisation of and impairment losses on the development projects on a continuing basis. As of the date of completion, capitalised development costs are amortised on a straight-line basis over the period of the expected economic benefit from the development work. The amortisation period is 5 year. are measured at cost less accumulated amortisation and less any accumulated impairment losses or at a lower value in use. Property, plant and equipment are measured at cost less accumulated depreciation and less any accumulated impairment losses. Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset is ready for use. Interest expenses on loans are not recognised in cost during construction and reconstruction periods. Depreciation based on cost reduced by any residual value is calculated on a straight-line basis over the expected useful lives of the assets, which are: Other fixtures and fittings, tools and equipment 5 years The fixed assets’ residual values are determined at nil. Depreciation period and residual value are reassessed annually. The carrying amounts of intangible assets and property, plant and equipment and investments are reviewed on an annual basis to determine whether there is any indication of impairment other than that expressed by amortisation and depreciation. The recoverable amount of the asset is calculated as the higher of net selling price and value in use. Where a recoverable amount cannot be determined for the individual asset, the assets are assessed in the smallest group of assets for which a reliable recoverable amount can be determined based on a total assessment. Goodwill, head office buildings and other assets for which a separate value in use cannot be determined as the asset does not on an individual basis generate future cash flows are reviewed for impairment together with the group of assets to which they are attributable. Investments in subsidiaries are measured at cost. Where cost exceeds the recoverable amount, write-down is made to this lower value. Other fixed asset investments consist of deposits. Receivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which corresponds to nominal value less provisions for bad debts. Prepayments comprise prepaid expenses concerning rent, insurance premiums, subscriptions and interest. Deferred tax is recognised in respect of all temporary differences between the carrying amount and the tax base of assets and liabilities. However, deferred tax is not recognised in respect of temporary differences concerning goodwill not deductible for tax purposes and other items - apart from business acquisitions - where temporary differences have arisen at the time of acquisition without affecting the profit for the year or the taxable income. Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation at the balance sheet date when the deferred tax is expected to crystallise as current tax. In cases where the computation of the tax base may be made according to alternative tax rules, deferred tax is measured on the basis of the intended use of the asset and settlement of the liability, respectively. Deferred tax assets, including the tax base of tax loss carry-forwards, are measured at the value at which the asset is expected to be realised, either by elimination in tax on future earnings or by set-off against deferred tax liabilities. Deferred tax assets and liabilities are offset within the same legal tax entity. Current tax receivables and liabilities are recognised in the balance sheet at the amount calculated on the basis of the expected taxable income for the year adjusted for tax on taxable incomes for prior years. Tax receivables and liabilities are offset if there is a legally enforceable right of set-off and an intention to settle on a net basis or simultaneously. Loans are recognised initially at the proceeds received net of transaction expenses incurred. Subsequently, the loans are measured at amortised cost; the difference between the proceeds and the nominal value is recognised as an interest expense in the income statement over the loan period. Other debts are measured at amortised cost, substantially corresponding to nominal value. The cash flow statement shows the Group’s cash flows for the year broken down by operating, investing and financing activities, changes for the year in cash and cash equivalents as well as the Group’s cash and cash equivalents at the beginning and end of the year. Cash flows from operating activities are calculated as the net profit/loss for the year adjusted for changes in working capital and non-cash operating items such as depreciation, amortisation and impairment losses, and provisions. Working capital comprises current assets less short-term debt excluding items included in cash and cash equivalents. Cash flows from investing activities comprise cash flows from acquisitions and disposals of intangible assets, property, plant and equipment as well as fixed asset investments. Cash flows from financing activities comprise cash flows from the raising and repayment of long-term debt as well as payments to and from shareholders. Cash and cash equivalents comprise . The cash flow statement cannot be immediately derived from the published financial records. Gross margin Gross profit x 100 / Revenue Profit margin Profit/loss of ordinary primary operations x 100 / Revenue Return on assets Profit/loss of ordinary primary operations x 100 / Total assets at year end Solvency ratio Equity at year end x 100 / Total assets at year end Return on equity Net profit for the year x 100 / Average equity